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Among the many investment banking reorganisations this year was Goldman Sachs's move in September to restructure its team of analysts and associates across Europe.

• This story was first published on September 10, 2012.

By Giles Turner

Goldman Sachs has launched a sweeping reorganisation of its analysts and associates in Europe, doing away with country-based and sector-based teams and creating two super groups focusing on northern and southern Europe.

The northern unit will be run by Mark Sorrell, partner and co-head of UK investment banking, and Michiel Lap, head of Goldman Sachs’ Nordic and Netherlands investment banking business. The southern unit will be run by Clare Scherrer, head of Goldman Sachs’ global industrials group in Emea, and Francesco Pascuzzi, co-head of investment banking in Italy.

The restructuring encompasses all of Goldman Sachs’ analysts and associates in the European investment banking division, including all country-based teams as well as those covering industrials; healthcare; technology, media and telecommunications; commercial and retail; real estate; and financial sponsors, according to an internal memo seen by Financial News.

Goldman Sachs currently employs between 80 and 100 junior bankers in Europe, who were previously organised by region and sector.

The memo said: “This structure will allow our junior bankers to benefit from working across multiple geographies and multiple sectors, making for a more diverse and interesting experience and enhancing opportunities for long-term career growth and professional development.”

In July, Deutsche Bank undertook a strategic review across the group, and said it would cut headcount by 1,900, including 1,500 in investment banking. In May, Credit Suisse brought its equity origination and syndication teams under one roof.